Smart Card in Healthcare Market Size, Share, Growth Analysis, By Type(Hybrid Smart Cards, Contactless Smart Cards, Contact-based Smart Cards, and Dual-interface Smart Cards), By Component(Memory-card Based Smart Cards and Microcontroller Based Smart Cards), By Region - Industry Forecast 2024-2031

Global Smart Card in Healthcare Market size was valued at USD 1.14 Billion in 2022 and is poised to grow from USD 1.28 Billion in 2023 to USD 3.25 Billion by 2031, at a CAGR of 12.4% during the forecast period (2024-2031).

A smart card is a plastic card prepared with a microprocessor chip considered for data storage, management, and confirmation purposes. These cards enable the transfer of data from the card to a reader, typically combined into a computer system. Their key benefit lies in attractive transaction safety by firmly storing user and account characters in a tamper-resistant manner. Smart cards are derived in three primary types: contact smart cards, contactless smart cards, and dual-interface smart cards. The development of the smart card market is principally credited to the augmented utilization of IoT (Internet of Things) technology and the integration of mobile phones with SIM cards. The global healthcare systems' growing digitization and the acceptance of smart cards for secure patient data storage to improve privacy and safety measures are composed to drive market development. Nevertheless, the healthcare IT industry, like many others, is knowledgeable about the consequences of the COVID-19 pandemic. This had a perceptible influence on smart card market players, with some reporting inactivity or a deterioration in their smart card commercial sales. For instance, Brady Corporation, the parent company of IDenticard Systems, saw a 9.1% decrease in its IDS segment, which concentrates in smart cards for healthcare applications. Likewise, Thales Group witnessed a 2% dip in its growth rate between 2019 and 2020. The slowdown in acceptance can be credited to the frequent lockdowns and disturbances in the supply chain.

The healthcare market is expected to experience a surge in growth due to increasing government creativities supporting the integration of smart cards within healthcare systems. For Instance, India introduced the Rashtriya Swasthya Bima Yojana (RSBY) in 2008, a scheme heavily reliant on a centralized digital mechanism—the RSBY smart card—for its operations. As of April 2020, around 120 million people in India have been registered in the RSBY database simplified by the use of these smart cards.